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Minority Business Contracting at the Fed

The BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM released its Report to the Congress on the Office of Minority and Women Inclusion. March 2012.

We note that "During 2011, the Board’s procurement contracts for goods and services totaled $125,070,569. Of this total, $15,414,147, or 12.3 percent, was awarded to minority-owned or women-owned businesses.

Specific awards by contractor classification are as follows
• minority-owned businesses (excludes women owned businesses) = $9,028,526 (7.2 percent of total);
• women-owned businesses (excludes minority women) = $4,237,038 (3.4 percent of total); and
• minority women-owned businesses = $2,148,583 (1.7 percent of total)."

http://federalreserve.gov/publications/other-reports/files/omwi-report-20120402.pdf

Why Does the Fed Have So Little Supplier Diversity?

Interview on DiversityInc.com website by Barbara Frankel on Jul 12, 2011 concerning our FOIA request:

We submitted a FOIA to the Fed, a Freedom of Information Act request, a formal request of a federal government agency for information. We asked for information on "minority" business contracting. How much money did the Fed spend with women firms (WBEs), minority firms (MBEs) and others? We were really looking for information on their spending patterns or their support of minority-owned banks. We were basically trying to (expand and) complete the data set concerning their support for foreign banks, foreign corporations, domestic corporations..related to the financial crisis.

What we found was that the Fed has not spent a lot of money with women- and minority-owned firms. In response to our Freedom of Information Act request, the Federal Reserve Board provided data on contract awards for the year 2010, broken out by ethnic and by gender designations. We found that, for example, …